Overview of Opportunity Zones
In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act of 2017 into law, creating a new tool for community economic development – the Opportunity Zones program. This tool will provide tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in low-income communities from designated census tracts (Opportunity Zones).
On Friday, April 20, Governor Rick Scott recommended 427 State of Florida communities to be designated as Opportunity Zones – nine of which reside in the City of Orlando.
We are excited to announce that Governor Scott’s recommendations include, but are not limited to – Carver Shores, Washington Shores, Rosemont, Mercy Drive, the Packing District (west of Orange Blossom Trail), West Colonial Drive, East Colonial Drive (GOAA properties), Parramore (south of Church Street), the SoDo area (west of Orange Avenue) and the northeast corner of Semoran Boulevard and Curry Ford Road as Opportunity Zones.
The U.S. Department of Treasury now has 30 days to certify the State’s recommendations, with the possibility of a 30-day extension. After Zones are approved, the federal government will begin the rule-making process to decide how Opportunity Funds are created, and how businesses, developers and financial institutions can invest in qualified zones.
The City of Orlando will continue to monitor this new economic development tool through the certification and rule-making process and will provide updates to you as they are made available to us. For more information, visit the Florida Department of Economic Opportunity.
Recommended Opportunity Zones in the City of Orlando